Even I would agree, enough with the home loan money redistribution! Let people fail on their own merits, wtf is wrong with this country?

2:46 pm July 30, 2010

MacDaddyWatch wrote:

Fee stimulus is easy...get the other guy to do the work and make the investment while you pick up the benefits of him--and his new employees--paying more taxes. It may not be a 1:! ratio but it can be close or even better under certain circumstances.

Just the opposite of what is being done today, especially those "tax cuts" going to households that pay no taxes. That's called a welfare check and its a big loser.

4:07 pm July 30, 2010

John wrote:

Who cares, the banks aren't holding the mortgages.

7:40 am August 2, 2010

Sallie wrote:

Plus charging a fee to the liars banks to pay for the mess created with fraudulent mortgages spreads all over through derivatives, while shorting and profiting as well. Plus a nice charge to the hedge funds that make a profit by lying and shorting with a la carte exotic structure products made for the same banks.

8:30 am August 2, 2010

Short sales wrote:

Interesting. From the governments perspective, it is just trading worthless paper for worthless paper. The real loser is PIMCO and the likes who will have to try to find a replacement investment. Is the goverment prepared to do the same in the muni market?

""""""""""""""""
And the administration very much wants to keep this kind of intervention going. You can argue that some other policy — inflation targeting by the Fed, expanded fiscal stimulus, whatever — would be better. But none of these things seem politically possible.

Keeping Fannie and Freddie fully engaged in the mortgage-support business is one of the few tools available to prop up a still very weak economy. And so they’re doing it.
""""""""""""""

This is a terrible idea. What about those of us on the sidelines waiting for still lower home prices before jumping in?

1:41 pm August 5, 2010

Gorilla Monsoon wrote:

"...The bottom line is that market conditions have created a potential costless windfall that is not being used..."

Costless? I don't know whether to laugh or cry at such an absurd suggestion. I expect such lunacy from government hacks like Krugman, but this from a Mo-Stan guy? Eek! Agree with everyone above - this is a terrible idea...

9:29 am August 18, 2010

Baronpilot wrote:

test, cuz precious post crashed.

9:59 am August 18, 2010

Baronpilot wrote:

We refinanced 9 months ago, 15 yr at 4.375% through B of A. At first their (B of A's) fees were ridiculous, but some rumbling in DC convinced them to drop them to reasonable. It took me 90 days to refinance, and it took B of A 90 seconds to sell the loan to Fannie Mae.
Now I would love to drop my loan rate to 3.75% or lower. However, B of A's extortionist fee are once again too high. My credit is mid 800's and we're below 80% loan to value.
I called HARP. They were insulted that we would bother them. We're not in distress, we manage our budget carefully. No credit card balances, no car loan, and we've got a "budget surplus". "Get outta here!" they said.
If I had bought an expensive new car and taken a couple of Alaskan cruises, with corresponding credit card balances, then HARP would help me.
This is stupid. We need a program that will allow responsible people like us to re-fi a fannie mae held loan cheaply. Fixed $1,500 fees. Drop it to 10 yr. treas plus 0.5%. That would allow us to re-fi today at 3.25%. You can only do it once a year, starting six months after loan origination. No appraisal, find some way to use the existing Title Insurance. No cash out, except the $1,500 fee.
Copyright Baronpilot financial news service. Don't mess with me, I got people....

11:32 am August 18, 2010

Baronpilot wrote:

I just got off the phone with Fannie Mae. I described my situation, as in a previous post. I would like to refinance my current mortgage to take advantage of lower rates. They said “We can’t do anything. Talk to your bank.”

Finally, I had an epiphany. HARP is not about helping homeowners. HARP is about helping banks. More importantly, HARP is not about stimulating the economy. HARP is about keeping the banks from losing money due to the exuberance of the past.

If I had bought a new car and taken a couple of Cruises to Alaska, then HARP would help me refinance my loan. Only if I had done things IN THE PAST to “stimulate the economy” would HARP work for me.

I want to do things IN THE FUTURE. I want to save interest expense going forward. Wait, just a second….if I save interest expense, won’t I pay more taxes? Yes, I will.

But HARP, and the White House and Geitner, are not interested in helping me save money in the future. No, then I would have more money in my pocket and I might do something foolish with it like buy a new car or take a cruise to Alaska. Instead, HARP wants all those Mortgage Bond holders to make a few extra dollars, because they are buddies of Geitner and they know how to stimulate the economy. Yeah, baby, Daddy needs a new Yacht.

The current HARP program props up people who stimulated Bush’s economy.

Wake up, White House. Bank of America is not going to get us out of this unless you hold a gun to their head. (Please, can I hold the trigger?)

The Baronpilot Refinance program for Fannie Mae held mortgages. Not just Fannie Mae originated, impound, PMI mortgages. Any mortgage Fannie Mae owns. $1,500 fixed cost. Amount limited to current loan payoff plus $1,500. No Appraisal. Roll over existing Title insurance. The rate is current 10 yr Treas yield plus 0.5%. Today’s Rate would be about 3.25%. Sweet. My economy is getting all stimulated just thinking about it.

C’mon, Barack. Enough about the Mosque already. It’s still the Economy, Stupid.

Copyright Baronpilot Community Bank LLC.

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